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Dubai: Property investors are finding that even after winning multi-million dirham compensations from Dubai courts, developers seem to be in no hurry to pay up.
The issue of delayed payments has again come into focus after a court ordered a near Dh2 billion (including interest) payment in a dispute involving key shareholders at Tameer, the developer behind one of the tallest builds at Dubai Marina (Princess Tower is 414 metres high).
That verdict has now led others who have had exposures in Tameer to ask for their compensations. Saad Hussain, a businessman who had bought offplan units at a Tameer project, is one such.